He actually writes about the culture and habits of rich kids. They're not elites in any practical sense. That word does not mean "inheritor." The sycophancy of the rich, the presumption that they should be expected to be somehow better than the hoi polloi, is really getting tedious.
Someone is elite because they've accomplished something, not because they've been handed something. Attempting to apply that word to the wallet is common, and remains incorrect and gross. Yes, I know the reader can very easily Google up examples. The reader should also be able to name cases where Googling up examples gives hilariously wrong information.
Rich kids have always been slackers, in every society in human history. The real change here is that we've stopped taxing them, so "shirtsleeves to shirtsleeves in two generations" doesn't apply anymore.
Ayn Rand was wrong. Stop expecting wealth from parents to create high quality people.
Every study ever done on the matter has shown what common sense and literature have said all along: rich people are just lazy. It is almost certainly the clearer version "everyone who can be lazy is, but many cannot afford to be."
Hell, I would be.
We've forgotten that because we now believe that they're earning their mega-wealth by giving it to bankers to be grown for them. We pretend to ourselves that because they can pay people to produce profits from money they weren't involved in earning, they're somehow doing something. Then, we point out extremely rare individual counterexamples and say "see? See? Elon exists."
The idea that their "doing nothing" is a result of lack of social pressure is disastrously undermined by that they've also done nothing when there was social pressure, throughout all of history; even to the point that several royalties fell because nobody in the royalty could be bothered to stop looking at art and having sex long enough to keep the lights on.
We should want evidence of claims like this.
Even despite the education and resource gap, even scaled to the popular bin sizes, in all of history, the vast majority of invention and business success has come from the unwashed masses.
The null hypothesis supports this as entirely expected, unrelated to what society requests. No society in history has achieved otherwise.